Cook & Co. NewsAnnouncements2018-03-19T12:02:30Zhttps://cookco.us/news/feed/atom/WordPresshttps://cookco.us/news/wp-content/uploads/2016/03/ms-icon-310x310-150x150.pngGregory J. Cook, EA, CPAhttp://cookco.us/greg_cook.htmhttps://cookco.us/news/?p=23972018-03-19T12:02:30Z2018-03-19T12:02:30ZMarch 19, 2018 Arab, Alabama – We will close at noon today. If you have an afternoon or evening appointment, please call (256) 586-4111 to reschedule, or reschedule online by clicking here. IMPORTANT – Noon Closing Announced for Monday March…]]>

March 19, 2018 Arab, Alabama – We will close at noon today. If you have an afternoon or evening appointment, please call (256) 586-4111 to reschedule, or reschedule online by clicking here.

IMPORTANT – Noon Closing Announced for Monday March 19, 2018 due to Weather Alerts and Warnings.

]]>0Gregory J. Cook, EA, CPAhttp://cookco.us/greg_cook.htmhttps://cookco.us/news/?p=23892018-03-18T03:47:19Z2018-03-18T11:35:41ZMy Sunday afternoons during Tornado Season, I mean Tax Season, always include quality time with Pam and a walk with my Bassett Hound and Beagle on my walking trail in the back yard. I also take time to update everyone…]]>

My Sunday afternoons during Tornado Season, I mean Tax Season, always include quality time with Pam and a walk with my Bassett Hound and Beagle on my walking trail in the back yard. I also take time to update everyone on tax filings at the office.

The most interesting aspect this season is revealing how the 2018 Trump Tax Cuts affect everyone this coming year. We have prepared and filed more than 1,200 tax returns so far. Married couples with $250,000 to $500,000 of income seem to realize the most tax savings. On average the tax savings range from $5,000 to $15,000 in this range.

The lower your income, the less benefit you realize, unless you have dependent children at home or in college. The higher your income, the less benefit you receive, unless you are entitled to the 20% pass-through deduction. The taxpayers most adversely affected by the Trump Tax Plan are employees who have been deducting (EBE) employee business expenses. EBE will no longer be allowed after 2017.

This past week’s telephone traffic: 842 calls.

Scheduling Your Appointment Online

Many of our clients find it more convenient than calling and having a conversation. The client can cancel, change their mind, change to a different date and time or simply stop and come back to it later if they need to.

In addition to the many benefits to the client, the secure online appointment scheduler has benefits for my firm. It removes a very large amount of time consuming workload from my front-office staff. It reduces conflicts by eliminating the possibility of double or over booking due to human error.

Our system sends an email confirmation with the date and time of the appointment and provides a link for the client to cancel or reschedule should something come up. It also sends a text message and email reminder the day before the appointment.

Now, when a popular news story about taxes is aired on TV and lots of people have the same idea, “hey, I should schedule my tax appointment.” It doesn’t matter if 50 or 100 clients are scheduling at the same time. It also doesn’t matter if it’s during the 10 o’clock news at night!

My Final Note this Week

Thank you for all of the Happy Birthday wishes on March 14th.

]]>0Gregory J. Cook, EA, CPAhttp://cookco.us/greg_cook.htmhttps://cookco.us/news/?p=23862018-03-16T21:25:53Z2018-03-16T21:25:53ZInterest rates increased for the calendar quarter beginning April 1, 2018. The rates will be: five (5) percent for overpayments [four (4) percent in the case of a corporation]; two and one-half (2.5) percent for the portion of a corporate…]]>

five (5) percent for overpayments [four (4) percent in the case of a corporation];

two and one-half (2.5) percent for the portion of a corporate overpayment exceeding $10,000;

five (5) percent for underpayments; and

seven (7) percent for large corporate underpayments.

Under the Internal Revenue Code, the rate of interest is determined on a quarterly basis. For taxpayers other than corporations, the overpayment and underpayment rate is the federal short-term rate plus 3 percentage points.

Generally, in the case of a corporation, the underpayment rate is the federal short-term rate plus 3 percentage points and the overpayment rate is the federal short-term rate plus 2 percentage points. The rate for large corporate underpayments is the federal short-term rate plus 5 percentage points. The rate on the portion of a corporate overpayment of tax exceeding $10,000 for a taxable period is the federal short-term rate plus one-half (0.5) of a percentage point.

The interest rates are computed from the federal short-term rate determined during Jan. 2018 to take effect Feb. 1, 2018, based on daily compounding.

]]>0Gregory J. Cook, EA, CPAhttp://cookco.us/greg_cook.htmhttps://cookco.us/news/?p=23732018-03-11T04:42:43Z2018-03-11T11:15:12ZOur tax filing season is ten weeks, and February 1st to March 10th marks the five week midpoint. We have run half of our marathon and filed 1,027 tax returns! Our two busiest weeks are the last week of March…]]>

Our tax filing season is ten weeks, and February 1st to March 10th marks the five week midpoint. We have run half of our marathon and filed 1,027 tax returns!

Our two busiest weeks are the last week of March and first week of April. As I reported last Sunday, our two slowest weeks are the last week of February and the first week of March. Your response to that article was so positive, I have to say thank you. We had experienced 762 telephone calls the week before, with 200 of them being on Monday.

Last week we had 827 telephone calls with only 178 being on Monday.

On behalf of Tracie, Brooke, Danielle and Christina, I want to sincerely thank you for not overwhelming the front office on Monday and choosing to call on the other days of the week. It made a difference and allows us to serve everyone better.

Google sent this report for the month of February.

According to Google, 1,300 people found us on Google. Fifty-seven people asked Google for directions to our office, ninety-one people visited our website and seventy-two people called us from Google searches. Thank you Google.

Our Policy on New Clients

We are accepting new clients. We have to, because we lose some clients to death and other reasons each year. However, we have limitations and hope that you will understand. We place the highest priority on referrals. If you have been referred by a long time client of ours, we will make an extra effort for you.

Our Policy on Extensions

We do not file extensions because we cannot get the work done. If we file an extension, it is because the client does not have all of the needed information available.

On a Final Note

I was Honorary Secretary of State on April 15, 2003. Michael Johnson is campaigning for that job and he is Pam’s second or third cousin and a really good guy. Please vote for him. It will be good for our state.